Or it could be some kind of Grateful Dead logo. ("U.S. Blues," perhaps?) Either way, it's one strikingly odd getup. That Craig Sager conducts this 1995 interview while wearing a sensible suit makes the visual even more bizarre.
All joking aside, the sitdown (which begins at the 43 second mark) itself is pretty interesting, my favorite detail being the one about Bill Cartwright and the ace of spades. And with a contest in Chicago looming, I thought a trip down Memory Lane was fitting.
Still, what is Phil wearing?